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A Brief Overview of Business Insurance

Sometimes life can throw you a curveball, and the unexpected can happen. This is why comprehensive insurance is essential. 

 

 

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What Is Business Insurance?

Also known as "commercial insurance," this is an umbrella term for different types of coverage available that protect your business against different forms of financial loss. 

This could be a defence against theft, damage, legal action, or any unforeseen interruption of business operations. 

Read on to find out everything you need to know about UK business insurance, including what types are available and how to find the best deal for you.  

 

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Business Insurance Types

Business insurance comes in all different shapes and sizes, each with its own unique protection. Below is a quick list of some of the most popular types of business insurance available.

Employer's Liability Insurance 

Employer's liability insurance covers you against any claims of work-related sickness or injury made by any current or former employers. 

If you employ at least one staff member, even on a casual basis, then this type of insurance is a legal requirement for your business. 

Public Liability Insurance 

This protects your business if a member of the public is injured or property is damaged as a result of your business.

Professional Indemnity Insurance

If a customer complains that your company gave them subpar service, which led to an unanticipated outcome or, worse, cost them money, this will cover any additional or legal expenses you might incur. 

In certain industries such as solicitors, accountants and healthcare professionals, this is mandatory and is enforced by industry regulatory bodies. 

Product Liability Insurance

If someone is injured as a result of a faulty product, then product liability insurance will cover any financial penalties or court fees you may face as a result of this. 

Business Contents Insurance 

This covers any loss, theft, or damage to your equipment. 

Commercial Building Insurance

If any of your commercial properties are damaged in events such as floods, fires, or vandalism, this will cover repair costs. 

Business Interruption Insurance 

If you find yourself unexpectedly having to put a halt on business activities, then this will cover you while you get back on your feet. 

Tool Insurance 

An essential for all tradespeople out there, similar to business contents insurance but specifically for tools. 

For a more in-depth look, be sure to check out our other article about the different types of business insurance.

 

Compare Business Insurance Deals for Free!

Whatever level of business insurance you need, we can help. 

Simply tap the button below and provide some basic information about your business so we can figure out exactly what you need. 

Then you will receive a range of tailored business insurance quotes, completely free of charge, and it's all up to you to pick which provider is best for you. 

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FAQs: Your Business Insurance Questions Answered


This can be difficult to estimate because there are so many different factors that come into play when calculating the cost of business insurance.

The best way to quickly find out how much it costs is by using our free service to source multiple business insurance quotes tailored specifically to your needs. 

If you employ at least one staff member, even on a casual basis, you are required by law to have employer's liability insurance. 

Some professions are required by industry regulators to have professional indemnity insurance, such as solicitors, healthcare professionals, and accountants. 

We also recommend taking out insurance policies that will protect you from other unfortunate events, even if you're not legally obliged to. 

Like all businesses, you are legally required to have employer's liability insurance if you employ at least one person, though it is also advisable to have other types of insurance to protect you should the unthinkable happen. 


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